乐天堂fun88(中国区)官方网站 Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2018

VARIABLE INTEREST ENTITIES

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VARIABLE INTEREST ENTITIES

8.听听VARIABLE INTEREST ENTITIES

We evaluate our investments and transactions to identify variable interest entities for which we are the primary beneficiary. We hold a variable interest in the following joint ventures for which we are the primary beneficiary:

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Rubicon听LLC is our 50%-owned joint venture with Lanxess that manufactures products for our Polyurethanes and Performance Products segments. The structure of the joint venture is such that the total equity investment at risk is not sufficient to permit the joint venture to finance its activities without additional financial support. By virtue of the operating agreement with this joint venture, we purchase a majority of the output, absorb a majority of the operating costs and provide a majority of the additional funding.

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AAC is our 50%-owned joint venture with Zamil group that manufactures products for our Performance Products segment. As required in the operating agreement governing this joint venture, we purchase all of AAC鈥檚 production and sell it to our customers. Substantially all of the joint venture鈥檚 activities are conducted on our behalf.

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Sasol鈥懤痔焯胒un88(中国区)官方网站 is our 50%鈥憃wned joint venture with Sasol that owns and operates a maleic anhydride facility in Moers, Germany. This joint venture manufactures products for our Performance Products segment. The joint venture uses our technology and expertise, and we bear a disproportionate amount of risk of loss due to a related鈥憄arty loan to Sasol鈥懤痔焯胒un88(中国区)官方网站 for which we bear the default risk.

Creditors of these entities have no recourse to our general credit. See 鈥淣ote听14. Debt鈥擠irect and Subsidiary Debt.鈥� As the primary beneficiary of these variable interest entities at December听31, 2018, the joint ventures鈥� assets, liabilities and results of operations are included in our consolidated financial statements.

The following table summarizes the carrying amount of our variable interest entities鈥� assets and liabilities included in our consolidated balance sheets as of December 31, 2018 and 2017 (dollars in millions):

听	听	听	听	听	听	听
听	听	December听31,听
听	听听听听	2018		听听听听	2017
Current assets	听	$	92	听	$	114
Property, plant and equipment, net	听	听	265	听	听	283
Other noncurrent assets	听	听	136	听	听	116
Deferred income taxes	听	听	32	听	听	33
Intangible assets	听	听	10	听	听	10
Goodwill	听	听	14	听	听	14
Total assets	听	$	549	听	$	570
Current liabilities	听	$	178	听	$	163
Long-term debt	听	听	61	听	听	86
Deferred income taxes	听	听	11	听	听	12
Other noncurrent liabilities	听	听	97	听	听	98
Total liabilities	听	$	347	听	$	359

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The revenues, income from continuing operations before income taxes and net cash provided by operating activities for our variable interest entities are as follows (dollars in millions):

听	听	听	听	听	听	听	听	听	听
听	听	Year ended December听31,听
听	听听听听	2018		听听听听	2017		听听听听	2016
Revenues	听	$	154	听	$	132	听	$	97
Income from continuing operations before income taxes	听	听	40	听	听	25	听	听	15
Net cash provided by operating activities	听	听	65	听	听	51	听	听	50

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Prior to the separation of Venator, we held variable interests in two additional joint ventures for which we were the primary beneficiary: Pacific Iron Products Sdn Bhd and Viance, LLC. In connection with the separation of Venator, these variable interests were held by Venator at December 31, 2017, and as such, the assets and liabilities of these variable interest entities were included as part of assets and liabilities held for sale. See 鈥淣ote 4. Discontinued Operations and Business Dispositions鈥擲eparation and Deconsolidation of Venator.鈥�